Sequential adaptive utility decision making for system failure correction

B Houlding and F. P. A. Coolen

Journal of Risk and Reliability, 2007, vol. 221, issue 4, 285-295

Abstract: The theory of adaptive utility for sequential decision making offers a generalization of the classical Bayesian approach, permitting initial utility uncertainty. This paper examines how the possibility to learn preferences can be of interest for decisions in the area of reliability. The resulting differences in determining optimal strategies are explained and two examples are explored in which utility depends on the unknown cost of system failure. The paper concludes with a commentary on further research required.

Keywords: adaptive utility; sequential decision making; system failure (search for similar items in EconPapers)
Date: 2007
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Persistent link: https://EconPapers.repec.org/RePEc:sae:risrel:v:221:y:2007:i:4:p:285-295

DOI: 10.1243/1748006XJRR87

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